Question

All of the following terms describe a loss covered by a commercial crime policy, except:

a. Covers a loss that was discovered within one year of the termination of the policy period
b. Covers a loss that was discovered during the policy period
c. Might require the use of a Retroactive Date
d. Covers a loss that did not necessarily occur during the policy period

Answer 1

The following terms describe a loss covered by a commercial crime policy except:

a. Covers a loss that was discovered within one year of the termination of the policy period.

Step-by-step explanation:

• All of the given statements except "covers a loss that was discovered within one year of the termination of the policy period." belongs to the Discovery crime coverage form.
• A discovery crime coverage can provide a loss that was discovered during the policy year and also that was not necessarily occurred during the policy period.
• A discovery crime coverage form might require the use of a retroactive date.